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BUSINESS & FINANCE

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The Obama administration is moving forward with tough new standards to cut pollution from cars, prompting an outcry from refiners who say the proposal could raise the cost of producing gasoline by nearly 10 cents a gallon.

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The S&P 500 closed in record territory for the first time since 2007, reflecting rising investor faith in the U.S. economic recovery.

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A federal judge said he needs more time to consider a $602 million settlement by SAC with regulators to resolve insider-trading allegations.

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Cyprus's banks reopened with little sign of disorder among depositors, even as politicians pointed fingers over the financial sector's meltdown.

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RIM unveiled a risky strategy designed to revive the company, as it posted a quarterly profit and decent sales for its new flagship phone.

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A group led by Joh. A. Benckiser has approached D.E. Master Blenders about a potential takeover that could value the coffee firm at $9.7 billion.

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Eight former directors of Morgan Keegan mutual funds have agreed to a deal with the SEC to settle a civil enforcement action.

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Fisker has hired bankruptcy lawyers amid the electric-car maker's efforts to find a buyer or strategic partner ahead of an April loan payment.

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U.S. multinationals say much of their cash is trapped overseas, but they can tap money from foreign units if they comply with IRS and audit rules.

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The idea of overhauling the corporate-tax code is applauded by nearly all big U.S. firms, but the unanimity breaks down over the details.

WORLD-WIDE

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Parts of Karachi have fallen under the Taliban's control.Large neighborhoods in Pakistan's biggest city have been overtaken by the militant Islamist group over the past year, residents and officials say, a development that could disrupt the country's economy and endanger the U.S. military pullout from Afghanistan.The group has established tribal courts, operates extortion rackets and stages terrorist attacks in the city.

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The U.S. flew two B-2 bombers on a training run over South Korea as North Korea continues to threaten its neighbors and the U.S.

A North Korean firm will give collectors a rare opportunity to buy the country's gold or silver coins this weekend.

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Ankara denied on Thursday it deported Syrians from one of Turkey's sprawling refugee camps after riots broke out the day before.

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Italian politics was stuck in limbo after the center-left Democratic Party said it was unable to muster support for a coalition government.

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The White House is considering limits on entitlement benefits in its fiscal 2014 budget, a proposal it first offered Republicans in December.

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Half the states that require electric utilities to buy renewable energy are considering proposals to roll back those mandates.

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A Vermont bill would give judges a database of the cost of various sentencing options and, for the first time in the U.S., require judges to consider costs when deciding how to punish nonviolent criminals.

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Authorities found a cache of weapons and more than 1,600 rounds of ammunition at Adam Lanza's home after he shot and killed 26 people.